Experts seek policy continuity to protect oil reforms
Lagos, Sept. 2026 (TBL Africa) An energy lawyer, Dr Ayodele Oni, has urged the Federal Government to sustain oil and gas reforms through the 2027 political transition to protect investor confidence.
Oni, Partner and Chairman of the Energy and Natural Resources Practice Group, Bloomfield Law Practice, gave the advice on Wednesday in Lagos at a public lecture organised by the Nigeria Union of Journalists (NUJ), News Agency of Nigeria (NAN) Lagos Chapel.
He said political changes could affect the investment environment through changes in laws, regulations, fiscal policies, security and infrastructure.
According to him, investors are concerned about whether projects can secure approvals, attract capital and deliver expected returns.
“Politics does not change the geology. Politics changes the environment around the resource,” Oni said.
He urged the government to focus less on announcing projects and more on ensuring that investments progressed from Final Investment Decision (FID) through construction and production to revenue generation.
Oni said investors assessed Nigeria’s investment prospects based on actual capital commitments rather than government announcements.
“The investment story is tested by capital,” he said.
He urged journalists to examine the amount of capital committed to projects, approvals secured and expected production timelines.
Oni also called on the media to assess the benefits of major oil and gas investments to Nigerians and the federation.
He said Nigeria should use its remaining oil and gas resources to build an economy that would be less vulnerable to fluctuations in the petroleum sector.
The energy lawyer cited the diversification efforts of some Gulf countries as examples of how oil-producing economies were seeking to convert petroleum wealth into broader economic opportunities.
Oni said Nigeria’s oil and gas sector was showing signs of recovery, but sustained investment would depend on predictable institutions.
He urged regulators to make decisions within clear and predictable timelines while maintaining effective oversight of the industry.
Oni also charged the media to distinguish between policy announcements and measurable outcomes in the petroleum sector.
He urged journalists to report both challenges and positive developments rather than create undue pessimism or optimism.
“The role of the media is not to manufacture pessimism nor optimism; report reality,” he said.
Speaking during a panel session at the lecture, the Publisher of TBI Africa, Mr Emeka Ugwuanyi, said investors could move their capital to other countries if Nigeria failed to provide a predictable operating environment.
Ugwuanyi said existing laws and regulations should protect investors regardless of who occupied political office.
He said policy continuity would help sustain investment gains recorded in the oil and gas sector.
Another panelist, the Editor of Champion Newspapers, Mr Sopuruchi Onwuka, said major petroleum reforms required institutional safeguards to prevent arbitrary reversal.
Onwuka said reforms such as the Petroleum Industry Act (PIA) should not be easily suspended or reversed through executive action.
He urged the media to monitor situations where political actors might exceed the limits established by law.
The symposium was held on the third day of the NAN Lagos Chapel Press Week.
The event focused on the impact of politics on Nigeria’s oil and gas industry and economy, as well as the role of the media.
